By Daniella Genovese | Fox Business
Dockworkers along the East and Gulf coasts have pledged to strike unless a new contract is reached by October, prompting experts to warn that higher prices and empty shelves could await consumers.
In fact, some experts say prices could rise before year’s end, impacting goods during the critical holiday season. The dire situation arose just as consumers were beginning to experience some relief from inflation.
The International Longshoremen’s Association (ILA) is negotiating on behalf of 45,000 dockworkers at three dozen U.S. ports from Maine to Texas that collectively handle about half of the country’s seaborne imports. It warned its members are prepared to stop work if they don’t have a new contract by the Oct. 1 deadline.